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Tripartite committee set up to prepare financial sector workforce for changing needs

The Financial Sector Tripartite Committee is partnering with the Association of Banks in Singapore as well as NTUC's Financial and Business Services cluster of unions to "enhance versatility, facilitate mobility and build resilience".

SINGAPORE: A Financial Sector Tripartite Committee (FSTC) was launched on Wednesday (Feb 17) with the aim of preparing workers in the financial sector to respond to changing needs and skills required.

The committee will be co-chaired by the Monetary Authority of Singapore (MAS) Deputy managing director Jacqueline Loh and the National Trades Union Congress (NTUC) assistant secretary-general Patrick Tay, MAS and NTUC said in a press release. 

In the first phase, the FSTC is partnering with the Association of Banks in Singapore (ABS) as well as NTUC's Financial and Business Services cluster of unions to "enhance versatility, facilitate mobility and build resilience", they said.

For instance, it will collaborate with the Institute of Banking and Finance (IBF) to continually review the IBF Standards and identify new cross-functional skills such as data analytics and risk management, said MAS and NTUC. 

To help facilitate the movement of employees between banks, ABS has established a job board for member banks to post job vacancies, to facilitate the deployment of employees between banks and to retain talent within the industry.

ABS director Ong-Ang Ai Boon said the job board will enable the banks' human resources to see the areas of demand and where to channel their staff and employees to.

“It's a coordinated effort by the industry to retain talent within the industry,” Ms Ong-Ang said. 

The FSTC will also set up a career advisory facility in April this year to provide guidance to those seeking jobs in the financial industry.

Additionally, the FSTC will partner NTUC's e2i to pilot a programme to help motivate the financial sector workforce to upgrade their skills, with the three local banks participating in the programme in March 2016.

Ms Loh said: "Our financial sector workforce must prepare for an operating environment that is increasingly competitive and driven by technology.

"(The FSTC) will harness and synergies the efforts of the various bodies involved to build strong capabilities in our financial sector professionals and help them to develop meaningful careers," she added.

NTUC Assistant Secretary-General Patrick Tay said: "As one of the top financial hubs that thrives in the region, it is crucial for the Singapore financial sector workforce to remain relevant, resilient and ready so as to stay ahead of the competition."

The committee will extend its coverage to the insurance and asset management sectors in subsequent phases, according to the press release.